7:00 am Pacific
The Venture is rallying with the broader markets out of temporarily very oversold conditions that emerged this week, while the 472 Fib. support has managed to hold on a closing basis after the Index dipped as low as 466 intra-day Wednesday.
Very curiously, despite the 11.7% drop from the January 5 high of 528, the Venture has shown continued slight buy pressure as demonstrated by the CMF(20). That’s an unusual pattern during an intense sell-off.
Watch for a near-term move back up toward the top of the downtrend line and the Fib. level around 500. From there, we’ll see which way the Index decides to move.
As of 7:00 am Pacific, the Venture is up 5 points at 480.
4 Comments
Nice move up on the CDNX to 483 , most world markets in the green today since the EU at Davos indicated more QE.
China ponders implementing a digital currency in order to clamp down on money laundering and increase tax revenue.
http://money.cnn.com/2016/01/21/technology/china-digital-currency/index.html
…tick tock…
GGI-nice end of day move up